Unbank the Banked. OmiseGO enables financial inclusion and interoperability through the public, decentralized OMG network.
OmiseGO is an open payment platform and decentralised exchange issued on Ethereum, an open-source public blockchain. Its slogan is “Unbank the Banked” and the stated objective is to provide better financial services for everyone, including both people who use traditional banking services and people in developing countries and locales which lack traditional banking infrastructure. Its token OMG is currently the sixth highest market cap Ethereum project in the world and was the first Ethereum project to exceed USD $1 billion valuation. The project is supported by co-founders of Ethereum: Vitalik Buterin and Gavin Wood, and is designed by the creator of Lightning Network and Plasma, Joseph Poon. The first public release of the wallet SDK is expected to happen in the first quarter of 2018. The SDK and blockchain will continue to be worked on and functionality added.
Next generation financial network and decentralized economy.
The OMG network is a scaling solution for finance on Ethereum, enabling transparent, peer-to-peer transactions in real-time. The decentralized network facilitates self-sovereign financial services across geographies, asset classes and applications.
Build an app with our SDK to enable wallet-to-wallet transactions of crypto and fiat currencies, loyalty points, game credits and more.
Digital Asset Gateway
Use the OMG network to access, manage, and transact with digital assets that are kept securely on chain.
Offer a decentralized exchange mechanism to provide multi-asset and cross-chain interoperability, that is scalable and secure via proof-of-stake.
Secure and rapid transaction clearing with the use of Ethereum smart contracts and protocol consensus.
Benefits of the OMG Network
Through the open source, white-label SDK, digital wallet providers can connect to the public OMG network to enable users to transact any digital assets, including crypto and fiat currencies.
Bonding to the Ethereum blockchain creates secure token custody, decentralized exchange of all Ethereum assets, and ultra-secure transaction validation.
The Plasma architecture allows for unlimited scalability with unprecedented transaction speed: millions, and potentially billions of transactions per second.
Financial applications, such as wallets, will be able to interact seamlessly with one another via the OMG network. Users will also be able to trade assets from different blockchains protocols, like Bitcoin.
OMG is not owned by any central authority; it is controlled by users and validators (stakers) on the network. Through staking, token holders can validate transactions and earn fees. As the network gains value, so does the token.
Powered By Plasma
OMG is designed to pioneer the Plasma architecture, the leading Ethereum Layer 2 scalability solution. The OMG network is a proof-of-stake and infinitely scalable Plasma blockchain with a decentralized exchange built into its core consensus layer. The Plasma construction allows for low-cost security, scalability, and settlement for all financial applications that will run on the OMG network.
Since the OMG token distribution, we have been working hard to build the OmiseGO ecosystem. We are in the process of developing the wallet SDK and DEX that will be vital to the utility of the overall network. The live OMG network will be a performant and secure proof-of-stake network, that enables high transaction throughput at a low cost, via Plasma.
OmiseGO offers a solution to the co-ordination problem between payment processors; financial gateways and financial institutions. It enables financial transactions, including “payments, remittances, payroll deposit, B2B commerce, supply-chain finance, loyalty programs, asset management and trading, and other on-demand services.”
OmiseGO is a startup by Jun Hasegawa and Donnie Harinsut, the founders of the already operating company Omise, which was founded in 2013, in Bangkok, Thailand. OmiseGO’s initial coin offering (ICO) in 2017 raised over USD $25 million , turning down over USD $100 million in the process, and is currently the sixth highest market cap ERC20 cryptocurrency token in the world, valued at over USD $1 billion (however this valuation fluctuates due to volatility). OmiseGO’s advisors include the co-founders of Ethereum: Vitalik Buterin and Gavin Wood. It also has the endorsement and support of the Bank of Thailand and the Thai Ministry of Finance. Omise was awarded Digital Company of the Year by Thai Prime Minister Prayut Chan-o-cha at Digital Thailand Big Bang 2017, an exhibition organised by the government to showcase its digital economy agenda. Omise is supported by institutional investors and partnerships including Alipay, McDonald’s and Minor International.